The dollar pared losses as the Treasury 10Y yield rose toward a session high after December retail sales rose 0.6% vs est. 0.7%, and as PPI rose 0.3%.

USD remains on a defensive footing and is still lower vs most of its G-10 peers even after the rebound, having earlier extended its drop for the week ahead of the data

USD/JPY trading at ~114.66 vs a fresh low at 114.19 set ahead of the data; USD snapped back to near 115.00 after the data in an apparent squeeze of intra-day shorts, flows are sparse. a trader in New York said

Writing about a subject is the best
way to educate yourself about it, and when I flick through past work I remember how much
they taught me, if no one else. Mainly they taught me that I didn’t know very much. But they
also taught me that most other people didn’t know much either. Thus, some key themes
which stand out include the illusory control of policy makers, the presumed knowledge of
those looking to them to actively do good, the ease with which we fool ourselves, and how
best to protect capital in the face of such unavoidable uncertainty. -- Dylan Grice